ECB day. Contain your excitement
- ECB day. Do we care? No, not really. Draghi has already pushed hard against the already open door of bank lending, and after March's meeting there is not much to say. However, recent caustic criticism of the ECB from German politicians may be raised.
- Sweden also has a policy decision – unlike the Euro area the Swedish economy is a functioning monetary union. Like the Euro area it has negative rates. Negative rates are likely to impact the Swedish economy differently from the way negative rates impact the Euro area.
- The UK is giving us retail sales figures. These might be more interesting in the future as the unemployment rate did increase very slightly, but overall we would still regard the UK consumer as being in a good place.
- There is little to get really excited about in the US, with the Philly Fed business sentiment survey and initial jobless claims. Of course the US labour market is very strong and that is being reflected in the rise in wage growth, but weekly claims are not going to change perceptions that much.